after your post, i looked into WTC's site. They are not that cheap. In addition to incoming and outgoing wire fees and the $100 setup fee, the cheapest platform you can get is $100/month + exchange fees which range $10-50/month. But the real kicker is the margin fees they charge on your money to leverage it: for that $5k you put up, they are going to charge you about 35%/year, or $150/month, which is $1800/year. But don't forget about ticket charges. guessing you might pay 1c/share, and you trade about 3k shares a day, at 1c/share, that's $660/month (22 days on avg in month). So let's recap - $100 setup fee, $10 wire in fee, $100/month platform fee, $10/month exchange fee, $150/month margin fee, and about $660/month in ticket charges. That is a minimum of $920/month. That's steep. And that's assuming all your trades are at least breakeven. What if you lose money. You will be out $5k in about 4-5 months. That's how these places stay in business. You are better off trying to get a job on a trading desk, even as a coffee maker/lunch getter/drycleaner getter.
New to this forum and wanted to pick a few traders brains...wondering if anyone here has used http://www.worldwidetradingcapital.com. I've got a fellow trader who is using them and seems quite happy with it...but thought I'd do a bit more research before I jumped in.
